6-K

Commission File Number 001-31914

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

April 27, 2017

China Life Insurance Company Limited

(Translation of registrant’s name into English)

16 Financial Street

Xicheng District

Beijing 100033, China

Tel: (86-10) 6363-3333

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:  

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    

Commission File Number 001-31914

China Life Insurance Company Limited issued its 2017 First Quarter Report on April 27, 2017, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this report may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, on April 21, 2017 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this report is as of the date of this report, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this report is based on public information released by the China Insurance Regulatory Commission.

EXHIBIT LIST

Exhibit	Description
99.1	2017 First Quarter Report, dated April 27, 2017

Commission File Number 001-31914

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		China Life Insurance Company Limited
		(Registrant)
	By:	/s/    Lin Dairen
		(Signature)
April 27, 2017	Name:	Lin Dairen
	Title:	President and Executive Director

EX-99.1

Exhibit 99.1

CHINA LIFE INSURANCE COMPANY LIMITED

(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 2628)

2017 First Quarter Report

This announcement is made by China Life Insurance Company Limited pursuant to the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial data of the Company for the first quarter of 2017 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders of the Company in the consolidated financial statements are identical to the relevant data under International Financial Reporting Standards.

1. Important Notice

1.1 The Company’s Board of Directors, the Supervisory Committee, its Directors, Supervisors and Senior Management warrant that the information in this quarterly report is true, accurate and complete and contains no false representations, misleading statements or material omissions, and jointly and severally accept full legal responsibility.

1.2 Of the ten Directors of the Company, eight attended the Board Meeting. Chairman and Executive Director Yang Mingsheng, Executive Directors Lin Dairen, Xu Hengping and Xu Haifeng, and Independent Non-executive Directors Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin and Leung Oi-Sie Elsie attended the meeting. Non-executive Directors Wang Sidong and Liu Jiade could not attend the meeting due to other businesses, and gave written authorization to Independent Non-executive Director Chang Tso Tung Stephen and Executive Director Xu Hengping, respectively, to act as proxies to attend and vote at the meeting.

1.3 The Company’s 2017 first quarter financial report is unaudited.

1

1.4 Mr. Yang Mingsheng, Chairman of the Company, Mr. Zhao Lijun, Vice President in charge of accounting affairs, Mr. Li Mingguang, Chief Actuary and Mr. Zheng Zhiwu, Head of the Accounting Department, confirm that the financial reports in this 2017 first quarter report are true, accurate and complete.

2. The Company’s Fundamental Information

2.1 Major financial data

(Currency: RMB)
	As at 31 March 2017		As at 31 December 2016		Increase/(decrease) compared to 31 December 2016
Total assets (million)		2,805,702		2,696,951		4.0	%
Total equity holders’ equity (million)		309,087		303,621		1.8	%
Ordinary share holders’ equity per share (RMB per share)		10.66		10.47		1.8	%
	For the three months ended 31 March 2017		For the three months ended 31 March 2016		Increase/(decrease) compared to the same period of 2016
Net cash flows from operating activities (million)		105,981		354		29838.1	%
Net cash flows from operating activities per share (RMB per share)		3.75		0.01		29838.1	%
	For the three months ended 31 March 2017		For the three months ended 31 March 2016		Increase/(decrease) compared to the same period of 2016
Operating income (million)		271,728		219,981		23.5	%
Net profit attributable to equity holders of the Company (million)		6,149		5,251		17.1	%
Net profit attributable to equity holders of the Company after deducting non-recurring items (million)		6,158		5,282		16.6	%
Earnings per share (basic and diluted) (RMB per share)		0.21		0.18		17.2	%
Basic earnings per share after deducting non-recurring items (RMB per share)		0.21		0.18		16.7	%
Weighted average ROE (%)		2.03		1.66		An increase of 0.37 percentage point
Weighted average ROE after deducting non-recurring items (%)		2.03		1.67		An increase of 0.36 percentage point

Note: When calculating the change ratio of “Earnings per share (basic and diluted)”, factors of tail differences have been taken into account.

2

During the first quarter of 2017, by taking the acceleration of development as the first priority, the transformation and upgrading as the strategic support, and the prevention and control of risks as the key safeguards, the Company has strengthened and consolidated its foundation and made down-to-earth efforts. Building upon a high starting point and platform, the Company maintained a good development momentum. First of all, the Company experienced a faster growth in its core businesses. During the first quarter of 2017, the Company’s revenue from insurance businesses¹ reached RMB246,208 million, an increase of 22.1% year on year. In particular, first-year regular premiums were RMB60,314 million, an increase of 17.4% year on year; first-year regular premiums with ten years or longer payment duration reached RMB22,455 million, an increase of 16.8% year on year; premiums from short-term insurance were RMB12,459 million, an increase of 7.6% year on year; renewal premiums were RMB112,758 million, an increase of 51.6% year on year, the growth rate of which set a record high since 2003. During the first quarter of 2017, the surrender rate was 2.79%, an increase of 0.38 percentage point year on year. Secondly, the Company is committed to a high standard of business structure and continually optimized its business structure. The Company’s protection type business achieved rapid growth with its products further diversified. Besides, the Company further reduced its single premium business with the percentage of first-year regular premiums in long-term new policy premiums reached 49.85%, an increase of 5.45 percentage points year on year. Thirdly, the Company constantly improved the allocation of its investment assets. During the first quarter of 2017, the Company consistently optimized its assets structure and increased allocation in diversified assets with long duration. As at 31 March 2017, the Company’s investment assets were RMB2,539,895 million, the net investment yield² was 4.68% and the gross investment yield³ was 4.53%, an increase of 0.84 percentage point year on year.

As to the next step, the Company will, in accordance with the overall annual work plan, spare no effort in expanding the market, enhancing the investment management, strengthening the basis for development and accelerating transformation and upgrading, and the Company will push forward the sound and sustainable development with a new look and stronger growth engine.

¹  Revenue from insurance businesses is consistent with the premium income in the attached income statement.

²  Net investment income mainly includes interest income from debt securities and bank deposits, dividends from equity securities, interest income from loans and net income from investment properties, etc.

³  Gross investment yield ={[(Net investment income + Spread income of investment assets + Fair value gains/ (losses) through profit or loss – Impairment losses of investment assets) / ((Investment assets at the beginning of the period + Investment assets at the end of the period)/2)]/90}×365

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Non-recurring Items and Amount

	RMB million
Non-recurring items	For the Reporting Period (from January to March)
Gains/(losses) on disposal of non-current assets		11
Government subsidies recognized in current gains/(losses)		9
Net non-operating income and expenses other than those mentioned above		(31	)
Effect of income tax		3
Attributable to non-controlling interest		(1	)
Total		(9	)

Note:   As an insurance company, investment (asset management) is one of the major businesses of the Company. Therefore, the non-recurring items do not include fair value gains/(losses) from financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, as well as investment income from the disposal of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss and available-for-sale financial assets.

2.2 Total number of shareholders and the particulars of top ten shareholders as at the end of the reporting period

The total number of shareholders as at the end of the Reporting Period	Number of A Share shareholders: 123,285
	Number of H Share shareholders: 30,157
Particulars of the top ten shareholders					Unit: Share
Name of shareholders	Nature of shareholder	Percentage of     shareholding	Number of shares	Number of shares subject to selling restrictions	Number of shares pledged or frozen
China Life Insurance (Group) Company	State-owned legal person	68.37%	19,323,530,000	—	—
HKSCC Nominees Limited	Overseas legal person	25.88%	7,315,183,949	—	—
China Securities Finance Corporation Limited	State-owned legal person	2.00%	565,574,495	—	—
Central Huijin Asset Management Limited	State-owned legal person	0.42%	119,719,900	—	—
Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund	Other	0.21%	59,384,610	—	—
Hong Kong Securities Clearing Company Limited	Overseas legal person	0.11%	32,481,525	—	—
China International Television Corporation	State-owned legal person	0.07%	18,452,300	—	—

4

China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan	Other	0.05%	15,015,845	—	—
Harbin Hali Industry Company Limited	Domestic non state-owned legal person	0.05%	13,695,112	—	—
China National Nuclear Corporation	State-owned legal person	0.04%	12,400,000	—	—
Details of shareholders	1.  HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. The relevant regulations of the HKSE do not require such persons to declare whether their shareholdings are pledged or frozen. Hence, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen. 2.  Industrial and Commercial Bank of China Limited – China Southern Flexible Allocation of Consumption and Vitality of Hybrid Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No.53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the “Measures for the Administration of the Takeover of Listed Companies” among the top ten shareholders of the Company.

2.3 Total number of preference share holders, top ten preference share holders, and the particulars of top ten preference share holders with no selling restrictions as at the end of the reporting period

☐      Applicable                ☒      Not applicable

3. Significant Events

3.1 Particulars of and reasons for changes in major accounting items and financial indicators of the Company

☒      Applicable                ☐      Not applicable

(1) Changes in key financial indicators and their reasons

								RMB million
Key financial indicators	As at 31 March 2017		As at 31 December 2016		Increase/     (decrease)			Main reasons
Total assets		2,805,702		2,696,951		4.0	%	Accumulation of insurance business assets and investment assets
Total liabilities		2,492,466		2,389,303		4.3	%	Increase in insurance reserves
Total equity holders’ equity		309,087		303,621		1.8	%	The impact of the profit made during the reporting period

5

								RMB million
Key financial indicators	For the three months ended 31 March 2017		For the three months ended 31 March 2016		Increase/     (decrease)			Main reasons
Operating profit		7,556		6,101		23.8	%	The combined impact from the increase of the gross investment income, the optimization of business structure and the update of discount rate assumption of reserves of traditional insurance contracts
Net profit attributable to equity holders of the Company		6,149		5,251		17.1	%	The combined impact from the increase of the gross investment income, the optimization of business structure and the update of discount rate assumption of reserves of traditional insurance contracts

(2) Material changes in major accounting items and their reasons

									RMB million
Key financial indicators	As at 31 March 2017		As at 31 December 2016			Increase/       (decrease)			Main reasons
Premium receivables		24,395		13,421			81.8	%	Accumulation of renewal premiums
Other receivables		18,429		12,136			51.9	%	Impact from factors such as the increase of investment subscription receivable
Unearned premium reserves		15,945		10,492			52.0	%	Development of short-term insurance business and the variation of its schedule progress
									RMB million
Key financial indicators	For the three months ended 31 March 2017		For the three months ended 31 March 2016			Increase/       (decrease)			Main reasons
Fair value gains/(losses)		1,926		(2,725	)		N/A		Fluctuation of the market value of the held-for-trading financial assets
Policyholder dividends		3,950		1,583			149.5	%	Increase in investment yield from participating accounts

3.2 Explanation and analysis of significant events and their impacts and solutions

☒      Applicable                  ☐      Not applicable

In March 2017, the China Insurance Regulatory Commission issued the Notice on the Matters regarding the Optimization of the Discount Rate Curve Used in the Assessment of Liabilities of Insurance Contracts (Bao Jian Fa [2017] No. 23), which required insurance companies to adjust and optimize the discount rate assumption of traditional insurance (including basic

6

interest rate curve and comprehensive spreads) in the assessment of liabilities of insurance contracts for the purpose of financial report with effect from 1 January 2017. In accordance with the relevant requirements and the above notice, the Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, expenses assumptions, lapse rates and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet. The above changes in assumptions reduced profit before tax by RMB13,289 million in aggregate for the three months ended 31 March 2017. Please refer to the Announcement on Changes in Accounting Estimates published by the Company on Shanghai Stock Exchange website on 28 April 2017 for the details.

3.3 Undertakings were not implemented in due time during the reporting period

☒      Applicable            ☐     Not applicable

Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by China Life Insurance (Group) Company (the “CLIC”) into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the above-mentioned formalities within one year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto.

CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related land of the Company’s Shenzhen Branch, the ownership registration formalities of which had not been completed due to historical reasons, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.

The Company’s Shenzhen Branch and the other co-owners of the properties have issued a letter to the governing department of the original owner of the properties in respect of the confirmation of ownership of the properties, requesting it to report the ownership issue to the State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”), and requesting the SASAC to confirm the respective shares of each co-owner in the properties and to issue written documents in this regard to the department of land and resources of Shenzhen, so as to assist the Company and the other co-owners to complete the formalities in relation to the division of ownership of the properties.

7

Given that the change of ownership of the above two properties and related land use rights were directed by the co-owners, and all formalities in relation to the change of ownership were proceeded slowly due to reasons such as issues rooted in history and government approvals, CLIC, the controlling shareholder of the Company, made further commitment as follows: CLIC will assist the Company in completing, and urge the co-owners to complete the formalities in relation to the change of ownership in respect of the above two properties and related land use rights as soon as possible. If the formalities cannot be completed due to the reasons of the co-owners, CLIC will take any other legally practicable measures to resolve the issue and will bear any potential losses suffered by the Company as a result of the defective ownership.

3.4 Warnings and explanation for any forecasted losses or significant changes (as compared to the same period of last year) in accumulated net profit from the beginning of the year to the end of the next reporting period

☐      Applicable            ☒     Not applicable

This announcement is published in both Chinese and English. The Chinese version announcement shall prevail.

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

As at the date of this announcement, the Board of Directors of the Company comprises:

Executive Directors:	Yang Mingsheng, Lin Dairen, Xu Hengping, Xu Haifeng
Non-executive Directors:	Wang Sidong, Liu Jiade
Independent Non-executive Directors:	Chang Tso Tung Stephen, Robinson Drake Pike,
	Tang Xin, Leung Oi-Sie Elsie

Hong Kong, 27 April 2017

8

4. Appendix

4.1 Balance sheet as at 31 March 2017 (unaudited)

	RMB million (Unless otherwise stated)
ASSETS	As at 31 March 2017 Group		As at 31 December 2016 Group		As at 31 March 2017 Company		As at 31 December 2016 Company
Assets
Cash fund		52,900		67,318		49,597		62,592
Financial assets at fair value through profit or loss		161,226		209,126		154,986		204,048
Securities purchased under agreements to resell		40,659		43,531		39,787		43,093
Interest receivables		57,712		55,929		57,528		55,758
Premiums receivables		24,395		13,421		24,395		13,421
Receivables from reinsurers		105		123		105		123
Unearned premium reserves receivable from reinsurers		196		125		196		125
Claim reserves receivable from reinsurers		89		103		89		103
Reserves for life insurance receivables from reinsurers		269		182		269		182
Reserves for long-term health insurance receivables from reinsurers		1,629		1,601		1,629		1,601
Other receivables		18,429		12,136		11,171		4,998
Loans		241,921		226,573		236,884		221,535
Term deposits		511,982		538,325		509,012		535,361
Available-for-sale financial assets		846,797		766,423		835,306		758,802
Held-to-maturity investments		676,898		594,730		676,224		594,054
Long-term equity investments		121,699		119,766		129,183		125,587
Statutory deposits		6,333		6,333		5,653		5,653
Investment properties		1,179		1,191		1,235		1,247
Constructions in progress		11,879		10,548		11,105		10,387
Fixed assets		18,945		19,356		18,456		18,858
Intangible assets		6,443		6,062		5,727		5,768
Other assets		4,006		4,037		3,921		3,986
Separate account assets		11		12		11		12
Total Assets		2,805,702		2,696,951		2,772,469		2,667,294

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

9

4.1 Balance sheet as at 31 March 2017 (unaudited) (continued)

	RMB million (Unless otherwise stated)
LIABILITIES AND EQUITY	As at 31 March 2017 Group		As at 31 December 2016 Group		As at 31 March 2017 Company		As at 31 December 2016 Company
Liabilities
Short-term borrowings		737		731		—		—
Financial liabilities at fair value through profit or loss		1,972		2,031		—		—
Securities sold under agreements to repurchase		91,963		81,081		91,871		81,032
Premiums received in advance		3,930		35,252		3,930		35,252
Brokerage and commission payable		6,611		3,713		6,611		3,713
Reinsurance payable		684		436		684		436
Salary and welfare payable		6,387		7,888		5,770		7,120
Taxes payable		1,330		1,871		1,240		1,761
Claims payable		42,962		39,038		42,962		39,038
Policyholder dividends payable		85,679		87,725		85,679		87,725
Other payable		6,873		7,668		6,922		7,731
Policyholder deposits		218,960		195,694		218,960		195,694
Unearned premium reserves		15,945		10,492		15,945		10,492
Claim reserves		9,453		11,538		9,453		11,538
Reserves for life insurance		1,846,203		1,762,932		1,846,203		1,762,932
Reserves for long-term health insurance		69,591		63,024		69,591		63,024
Long-term borrowings		15,545		15,439		—		—
Bonds payable		37,999		37,998		37,999		37,998
Deferred tax liabilities		8,780		7,768		8,715		7,774
Other liabilities		20,851		16,972		12,363		11,436
Separate account liabilities		11		12		11		12
Total liabilities		2,492,466		2,389,303		2,464,909		2,364,708
Equity
Share capital		28,265		28,265		28,265		28,265
Other equity instruments		7,791		7,791		7,791		7,791
Capital reserve		54,971		55,007		54,314		54,350
Accumulated other comprehensive income		3,721		4,368		4,041		4,912
Surplus reserve		58,391		58,391		58,343		58,343
General reserve		27,246		27,241		26,954		26,954
Retained earnings		128,702		122,558		127,852		121,971
Attributable to equity holders of the Company		309,087		303,621
Non-controlling interests		4,149		4,027
Total equity		313,236		307,648		307,560		302,586
Total liabilities and equity		2,805,702		2,696,951		2,772,469		2,667,294

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

10

4.2 Income statement for the first quarter of 2017 (unaudited)

	RMB million (Unless otherwise stated)
	For the three months						For the three months
	ended 31 March						ended 31 March
	2017			2016			2017			2016
	Group			Group			Company			Company
1. Operating income		271,728			219,981			271,016			219,465
Premiums earned		240,152			196,430			240,152			196,430
Premium income		246,208			201,648			246,208			201,648
Including: Reinsurance premium income		1			—			1			—
Less: Premiums ceded to reinsurers		(674	)		(255	)		(674	)		(255	)
Change in unearned premium reserves		(5,382	)		(4,963	)		(5,382	)		(4,963	)
Investment income		28,217			25,108			28,050			24,915
Including: Share of profit of associates and joint ventures		1,443			564			1,415			534
Fair value gains/(losses)		1,926			(2,725	)		1,765			(2,717	)
Foreign exchange gains/(losses)		45			51			17			(27	)
Other operating income		1,388			1,117			1,032			864
2. Operating expenses		(264,172	)		(213,880	)		(263,941	)		(213,818	)
Surrenders		(57,548	)		(45,548	)		(57,548	)		(45,548	)
Claims expense		(81,446	)		(68,397	)		(81,446	)		(68,397	)
Less: claims recoverable from reinsurers		266			217			266			217
Increase in insurance contracts reserve		(87,763	)		(69,721	)		(87,763	)		(69,721	)
Less: Insurance reserves recoverable from reinsurers		101			18			101			18
Policyholder dividends resulting from participation in profits		(3,950	)		(1,583	)		(3,950	)		(1,583	)
Tax and surcharges		(137	)		(495	)		(132	)		(463	)
Underwriting and policy acquisition costs		(21,763	)		(18,004	)		(21,763	)		(18,004	)
Administrative expenses		(6,782	)		(6,330	)		(6,440	)		(6,068	)
Less: Expenses recoverable from reinsurers		83			22			83			22
Other operating expenses		(4,420	)		(3,692	)		(4,536	)		(3,924	)
Impairment losses		(813	)		(367	)		(813	)		(367	)
3. Operating profit		7,556			6,101			7,075			5,647
Add: Non-operating income		29			18			27			15
Less: Non-operating expenses		(40	)		(61	)		(40	)		(61	)
4. Net profit before income tax		7,545			6,058			7,062			5,601
Less: Income tax expenses		(1,262	)		(694	)		(1,181	)		(609	)
5. Net profit		6,283			5,364			5,881			4,992

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

11

4.2 Income statement for the first quarter of 2017 (unaudited) (continued)

	RMB million (Unless otherwise stated)
	For the three months						For the three months
	ended 31 March						ended 31 March
	2017			2016			2017			2016
	Group			Group			Company			Company
6. Attributable to:
– equity holders of the Company		6,149			5,251
– non-controlling interests		134			113
7. Earnings per share
Basic earnings per share	RMB	0.21		RMB	0.18
Diluted earnings per share	RMB	0.21		RMB	0.18
8. Other Comprehensive income		(659	)		(13,251	)		(871	)		(13,227	)
Other comprehensive income attributable to equity holders of the Company (net of tax)		(647	)		(13,240	)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)		(647	)		(13,240	)		(871	)		(13,227	)
Fair value gains/(losses) on available-for-sale financial assets		(3,224	)		(21,086	)		(3,446	)		(21,051	)
Less: Amount transferred to net profit from other comprehensive income		1,908			812			1,905			790
Portion of fair value changes on available-for-sale financial assets attributable to participating policyholders		867			7,247			867			7,247
Share of other comprehensive income of associates and joint ventures under the equity method		(197	)		(213	)		(197	)		(213	)
Exchanges differences on translating foreign operations		(1	)		—			—			—
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax)		—			—			—			—
Other comprehensive income attributable to non-controlling interests (net of tax)		(12	)		(11	)
9. Total Comprehensive income		5,624			(7,887	)		5,010			(8,235	)
Attributable to equity holders of the Company		5,502			(7,989	)
Attributable to non-controlling interests		122			102

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

12

4.3 Cash flow statement for the first quarter of 2017 (unaudited)

	RMB million (Unless otherwise stated)
	For the three months						For the three months
	ended 31 March						ended 31 March
	2017			2016			2017			2016
	Group			Group			Company			Company
1. Cash flows from operating activities
Premiums received		203,514			162,362			203,514			162,362
Net increase in policyholder deposits		23,403			45,738			23,403			45,738
Net cash received from financial assets at fair value through profit or loss		51,270			—			52,438			—
Net cash received from financial liabilities at fair value through profit or loss		—			140			—			—
Cash received from other operating activities		1,423			1,236			948			865
Sub-total of cash inflows from operating activities		279,610			209,476			280,303			208,965
Cash paid for claims		(135,079	)		(108,718	)		(135,079	)		(108,718	)
Net cash paid for reinsurance business		(59	)		—			(59	)		—
Cash paid for brokerage and commission fees		(18,864	)		(15,935	)		(18,864	)		(15,935	)
Cash paid for policyholder dividends		(4,842	)		(3,620	)		(4,842	)		(3,620	)
Cash paid to and for employees		(4,914	)		(4,587	)		(4,646	)		(4,298	)
Net cash paid for financial assets at fair value through profit or loss		—			(70,150	)		—			(69,797	)
Net cash paid for financial liabilities at fair value through profit or loss		(407	)		—			—			—
Cash paid for taxes and surcharges		(1,545	)		(707	)		(1,287	)		(547	)
Cash paid for other operating activities		(7,919	)		(5,405	)		(8,013	)		(5,981	)
Sub-total of cash outflows from operating activities		(173,629	)		(209,122	)		(172,790	)		(208,896	)
Net cash flows from operating activities		105,981			354			107,513			69

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

13

4.3 Cash flow statement for the first quarter of 2017 (unaudited) (continued)

	RMB million (Unless otherwise stated)
	For the three months						For the three months
	ended 31 March						ended 31 March
	2017			2016			2017			2016
	Group			Group			Company			Company
2. Cash flows from investing activities
Cash received from sales and redemption of investments		190,638			176,442			189,562			175,064
Cash received from investment income		25,517			30,802			25,186			30,339
Net cash received from disposals of fixed assets, intangible assets and other long-term assets		21			99			21			99
Net cash received from securities purchased under agreements to resell		2,872			—			3,306			—
Net cash received from the disposal of subsidiaries and other business units		1,169			—			1,169			—
Sub-total of cash inflows from investing activities		220,217			207,343			219,244			205,502
Cash paid for investments		(349,675	)		(179,912	)		(346,813	)		(178,659	)
Net increase in policy loans		(1,597	)		(705	)		(1,597	)		(705	)
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(2,016	)		(821	)		(1,113	)		(794	)
Net cash paid for securities purchased under agreements to resell		—			(13,612	)		—			(13,525	)
Sub-total of cash outflows from investing activities		(353,288	)		(195,050	)		(349,523	)		(193,683	)
Net cash flows from investing activities		(133,071	)		12,293			(130,279	)		11,819

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

14

4.3 Cash flow statement for the first quarter of 2017 (unaudited) (continued)

	RMB million (Unless otherwise stated)
	For the three months						For the three months
	ended 31 March						ended 31 March
	2017			2016			2017			2016
	Group			Group			Company			Company
3. Cash flows from financing activities
Cash received from investment		2,888			—			—			—
Including: Cash received from the investment of non-controlling interests by subsidiaries		2,888			—
Net cash received from securities sold under agreements to repurchase		10,882			20,062			10,839			20,375
Sub-total of cash inflows from financing activities		13,770			20,062			10,839			20,375
Cash paid for dividends and interests		(1,130	)		(724	)		(1,091	)		(353	)
Sub-total of cash outflows from financing activities		(1,130	)		(724	)		(1,091	)		(353	)
Net cash flows from financing activities		12,640			19,338			9,748			20,022
4. Effect of changes in foreign exchange rate on cash and cash equivalents		20			(24	)		17			(18	)
5. Net increase/(decrease) in cash and cash equivalents		(14,430	)		31,961			(13,001	)		31,892
Add: Opening balance of cash and cash equivalents		67,046			76,096			62,606			74,750
6. Closing balance of cash and cash equivalents		52,616			108,057			49,605			106,642

Yang Mingsheng	Zhao Lijun	Li Mingguang	Zheng Zhiwu
Chairman	Vice President in	Chief Actuary	Head of
	charge of Accounting Affairs		Accounting Department

15